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Saudi Arabia’s voluntary cuts boost oil prices.

RIYADH: Oil prices rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to US interest rate hikes offset worries over demand weakness and a global economic slowdown. At a recent meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, Saudi Arabia said it will cut its crude output by 1 million barrels per day in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.
Business

Saudi Minister: GCC-Iraq Electrical Interconnection Boosts Energy Security

RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security. Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.
Business

Saudi Energy Minister Says OPEC is Proactively Preemptive – CNBC

VIENNA: Defending the decisions made by the oil producers’ alliance, Saudi Energy Minister Prince Abdulaziz bin Salman stressed the need to “trust OPEC+” which he described as “the most effective international organization” working to restore market stability. Talking to CNBC International’s Dan Murphy on Sunday, the energy minister said the voluntary oil output cuts announced by the Organization of the Petroleum Exporting Countries and its allies including Russia, also known as OPEC+, were precautionary measures.
Business

Petrochemical JVs for Energy Security: Saudi Arabia and China

RIYADH: Saudi Arabia and China are collaborating to ensure safe energy supplies in their markets by planning to establish petrochemical joint ventures. Saudi Minister of Energy Abdulaziz Al-Saud held a meeting with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss JVs that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy and fuel.  Both nations are working to increase collaboration in the energy sector’s supply chains. 
sport

Saudi female fencers finish U-15 and over-15 season

JEDDAH: The Saudi Fencing Federation concluded its 2022/2023 season on Friday with the Kingdom’s Fencing Championship (Diamond Round) for U-15 and over-15 women. Ahmed Al-Sabban, the president of the federation, and Lubna Al-Omair, member of the board of directors, crowned the winners of the championship in which 170 players from 17 clubs participated at the Prince Abdullah Al-Faisal Stadium in Jeddah.
Business

“KAPSARC Academy’s First Graduating Class”

RIYADH: The King Abdullah Petroleum Studies and Research Center organized a ceremony to mark the passing out of the first batch of its Public Leadership Executive Program last week. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the center's board chairman, attended the ceremony. According to a statement, the first-of-its-kind program in the Kingdom is offered by KAPSARC Academy in collaboration with the International Institute for Management Development, said a statement.
sport

“54 Race Meetings to Make Saudi’s 2023 Taif Season the Biggest Yet”

Racing in Saudi Arabia resumes on Thursday, June 1 with a significantly expanded program at King Khalid Racecourse in Taif. The 2023 campaign gets underway two weeks earlier than in 2022, meaning the total number of meetings has increased to 54, with the season culminating on Saturday, Oct. 7.
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